MORE THAN 500 EMPLOYEES TO LOSE JOB AS TOP UK BANK FACES CRISIS; CLOSES ONE OF ITS OFFICE TOO- REPORT  

Amid the global crisis due to the pandemic, Britain’s top bank NatWest is cutting at least 500 jobs across its retail business. Not just that the bank is also closing one of its remaining offices in London.

This big move had to be taken after the bank pressed on cost-cutting following the expected loan losses due to the COVID-19 pandemic.

A union Unite told Reuters, that the state-backed bank is finalising a voluntary redundancy round targeting cutting 550 full-time equivalent roles across its branches and ‘premier banking’ premium service.

Meanwhile, a NatWest spokesman confirmed the redundancy process saying, “We have taken the decision to invite applications for voluntary redundancy and will support those colleagues who apply with a comprehensive support package. There will be no compulsory redundancy as a result of this announcement,” the spokesman said.

With this big move and decision, around 800 staff are expected to leave once part-time workers are included. NatWest is also separately closing its Regents House office in London, which was home to one of the bank’s biggest tech hubs and had space for 2,500 workers.

“We have been reviewing our London property strategy to better reflect how we will work in the future. As a result, we will exit Regents House, and will reconfigure our London remaining properties at 250 Bishopsgate and 440 Strand," a NatWest spokeswoman said.  Meanwhile, the bank has told its staff they can work from home until next year.

As per Reuters UK, NatWest chief executive Alison Rose reaffirmed the bank’s target of cutting 250 million pounds from costs this year in July after the bank tumbled to a half-year loss. "Tens of thousands of people working for banks have risen to the challenge that the pandemic created. The banks’ response should not be a repeat of the austerity measures that we saw after the financial crisis," Alison Rose said.